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Safeguarding a credit rating in a divorce situation

On Behalf of | Jul 17, 2019 | Divorce |

It is never wise for one to leave finances to chance. It’s a particularly unwise thing for Connecticut residents to do when they’re in the throes of divorce proceedings. It is likely that those who are separating or divorcing will be moving from a two to a one-income household. But there are steps individuals can take to safeguard their credit ratings in order to avoid ending up in financial distress.

It may be a wise idea for those who are divorcing to check their credit reports. There are many companies that allow a couple of checks at no cost. In doing so, individuals will have clearer pictures of their overall financial health and disclosing that to a former partner during divorce proceedings is necessary anyway. 

Knowing which partner is responsible for what debt also helps clarify things. Debts incurred during the course of the marriage are usually split. It’s important to close joint accounts, pay off credit cards and other loans in both people’s names and establish independent credit in a single name only and build up credit moving forward.

Divorce doesn’t have to mean financial ruin. A Connecticut lawyer experienced in family law can help a client reach a beneficial divorce settlement with a former spouse. He or she may also be able to assist by referring a client to others who may be able to offer advice such as accountants or financial advisers. Divorce can be stressful, but it doesn’t have to wreak havoc on a person’s credit rating.